Problems the CPA Has In Penetrating the Film Industry

Film Production

Film and TV Production

The primary difficulty I see with the CPA penetrating the film production market is knowing what questions to ask. The CPA, generally thought of as a consultant in the usual business world, is often tongue-tied when it comes to discussing the film and television business. Rest assured , there are several interesting ways that the CPA can assist Film and Television Producers.

MOST CPA’S ARE INTERESTED IN THE FILM BUSINESS

When I speak with CPA’s about the film industry I find a lot of interest in the field. Film and Television, as a business, promises something different and unique from the usual businesses they deal with. Also, it helps that the Film & Television Industry has excellent and consistent revenue streams.

SOME OF THE USUAL QUESTIONS CPA’s ASK:

  1. What sort of accounting services does the Film Industry require from a CPA?
  2. What are the industry specific practices, reports and terminology?
  3. I hear about the Film Tax Incentives in some States. How does that open the door to new business for my practice?
  4. What software is used during a film or television production?
  5. Once the project is filmed what services would be required from a CPA in “Post”?
  6. Can the CPA help with arranging financing?

If you do some research, I think you’ll find that there is very little, if any, information available online – and most of what you’ll find is authored by me.

WHAT PRODUCERS EXPECT FROM A CPA

Producers and Studio Execs have high expectations of anyone they contract with, especially a CPA who charges out at an hourly rate. They will expect the CPA to be familiar with their everyday terminology and to contribute to solutions. Just a few terms considered common are:

  • Inventory (the current cost of developing and producing “product”),
  • Fringes (government and union benefits),
  • Back-End (final equity available),
  • IATSE Turnaround (penalties assessed by crew when not enough given enough overnight rest),
  • SAG residuals,
  • etc

If you are interested in expanding in some way into the Film Industry there are a couple of ways you can learn more about it.

LEARN THROUGH WEEKEND WORKSHOPS – 14 HRS of CPE

Workshops are always the most fun way to learn. I have another Film Accounting 101 workshop coming up on May 6th and 7th, 2017 in Chicago, IL.

See the short video to see some past successes. There are numerous testimonials on my web site. For more info see http://www.filmaccounting.com/filmworkshops3.htm 

 

 

LEARN THROUGH ONLINE COURSES – 2 HRS of CPE PER COURSE

However, getting to the workshop location, and breaking away from the office, isn’t always possible – for you or for me. At the end of each online course qualifying for CPE I ask the student if the “stated objectives of the course” were met. There has never been a “No” yet…. that’s 100% of the time every student has said that the stated objectives were met. For more detailed information about the online courses see http://www.filmaccounting.com/filmaccounting-cpe.htm

 

 

 

 

Cheers / John

 

 

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About filmproduction
I have worked in the film production industry since 1985, working on over 50 different productions of every size in 6 different countries. My self-published book, "Walk The Talk" is written in an easy to read manner for film students and working professionals who haven't had the chance to learn how to 'Direct the Money'.

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